Seeing consumers through the lens of artificial intelligence

In a world with an abundance of products and services, the challenge for businesses is not just attracting the right customers — but also keeping them engaged to come back for more. It is common knowledge that retaining existing customers, especially loyal customers, is more valuable than acquiring and onboarding new customers.

There’s just one catch: earning their loyalty is not easy. The challenge is further compounded by the fact that consumers are fast changing. According to Mckinsey, COVID-19 crisis has caused consumers everywhere to change their behaviours—rapidly and in large numbers.

An Accenture survey of 25,000 consumers across 22 countries and focus groups in five countries also revealed that 50% of consumers say that the pandemic has caused them to rethink their personal purpose and re-evaluate what’s important to them in life. The pandemic has also made 42% surveyed realise that they need to focus on others more than themselves, leading to changes in buying habits across 14 industries studied.

Consumers expect to be treated like individuals with their own preferences and values. When they go online for information, they expect every experience to be tailored just for them. They expect brands to understand their intent and serve them appropriate content on their preferred platforms and channels. They also want products to find them instead of them searching for the products.

To ensure continued relevance and drive growth, businesses must be able to meet consumers with the right information at the right moment. To keep up with and perhaps even influence these changes, companies must leverage deep consumer insights.

Here’s where AI-powered hyper personalisation solutions could help. With enough data, AI will learn and understand audiences better, allowing companies to target more specific audience sets better and makes it easier for them to reach new customers too. Armed with AI-powered insights, businesses can expect to evolve their way of doing business to better meet rising expectations with greater confidence and accuracy.